ConocoPhillips Alaska, Inc. v. Williams Alaska Petroleum, Inc.

OPINION

FABE, Chief Justice.

I. INTRODUCTION

Williams Alaska Petroleum owned and operated a refinery, which ConocoPhillips Alaska supplied with crude oil pursuant to an Exchange Agreement. ConocoPhillips demanded that Williams tender a payment of $31 million as adequate assurances of Williams’s ability to perform if an ongoing administrative rate-making process resulted in a large retroactive increase in payments that Williams would owe ConocoPhillips under the Exchange Agreement. ConocoPhil-lips offered to credit Williams with a certain rate of interest on that principal payment against a…